The sale covers hydroelectric, energy storage, and renewable assets across three US states
PSP Investments is exiting its US clean power holdings while keeping its Canadian infrastructure intact.
After nearly a decade of ownership, PSP Investments has agreed to sell the US operations of FirstLight to Hull Street Energy, a private equity firm focused on power infrastructure and energy transition investments.
The portfolio comprises roughly 1.4 GW of hydroelectric, energy storage, and renewable assets across Massachusetts, Connecticut, and Pennsylvania.
H2O Power and Hydromega, which make up FirstLight's Canadian platform, will remain under PSP Investments' ownership, alongside a development pipeline of wind, solar, hydro and battery storage projects in Quebec and Ontario.
That includes the 57.2 MW Fort Frances solar project in Ontario, developed in partnership with the Lac Des Mille Lacs First Nation and recently awarded a 20-year power purchase agreement through Ontario's long-term energy procurement process.
Andrew Alley, managing director and global head of infrastructure investments at PSP Investments, said the sale reflects the fund's approach to portfolio management while preserving exposure to Canadian projects with long-term, inflation-linked cashflows.
FirstLight president and CEO Justin Trudell and the US-based team will transition with the assets to Hull Street Energy.
The transaction remains subject to regulatory approvals. Evercore acted as sole financial advisor to PSP Investments, with Latham & Watkins and Foley Hoag as legal counsel.
